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Question

State the following statement is True or False:
Insurance is one of the important ancillary services.
  1. True
  2. False

A
False
B
True
Solution
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A. TRUE
Life is full of uncertainties and thus the chances of occurrence of an event causing losses are quite uncertain. There are risks of death and disability for human life; fire and burglary risk for property; perils of the sea for shipment of goods, etc. These causes a great loss to the people. Insurance thus spreads this risk over a number of persons who are exposed to it and compensates the people suffering from these losses. Thus, it is an important ancillary service.

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